How to Buy Chainlink (LINK)

Chainlink provides trusted data from outside the blockchain that can be used in smart contracts. Need the price of gold for a decentralized application?

Chainlink is a decentralized data provider that brings trusted data from off-chain sources to smart contracts via a network of Chainlink nodes. These nodes are run by independent operators who stake the Chainlink token (LINK) to participate in the network.

Decentralized applications that need data from Chainlink oracles typically pay for data with LINK tokens, which is used to compensate node operators and maintain the network.

While several protocols offer competitive or specialized data to decentralized applications (dApps), Chainlink is the leading decentralized oracle network. The project is also developing solutions for blockchain interoperability and aims to integrate traditional capital markets with the metaverse in a new hybrid financial system.

Few projects aim to change the crypto world and bridge the gap between traditional finance and blockchain like Chainlink. Let’s learn how to buy Chainlink before discussing the protocol in more detail and its potential as an investment.

How to Buy Chainlink in 4 Easy Steps

Chainlink’s popularity means the token is available on several trading platforms. However, you don’t need to use an exchange. In this example, we’ll buy LINK tokens using Best Wallet. The tokens will be deposited into a crypto wallet that you control.

We’ll use the MEXC exchange, a global exchange known for high liquidity and low-cost trading.

1. Create an MEXC Account

Sign up for an account on the MEXC website. MEXC lets you use an email address, phone number, or social login. Choose a strong password to secure your account. After creating your account, you can set two-factor authentication on the settings page.

If you already have crypto in another wallet, you can deposit crypto to make trades on MEXC. Alternatively, you can buy using a debit card or bank-funded deposits. Payment options vary by region. The exchange also supports several well-known third-party providers that allow buyers to pay by credit, debit, or bank transfer.

MEXC uses the USDT token in a trading pair with Chainlink, so you’ll want to buy USDT or swap to USDT if you deposit a different cryptocurrency. For example, to buy $100 worth of LINK, you’ll need 100 USDT.

Depositing crypto and bank-funded purchases are often the most cost-effective ways to trade on MEXC. The platform doesn’t charge any additional fees for crypto deposits; network gas fees apply. By comparison, third-party providers can have varying fees and spreads.

2. Choose Funding Method

3. Find Chainlink Trading Pairs

Click on “Spot” on the main menu or use the search function to find Chainlink (LINK). Buying on the Spot market allows you to send the tokens you buy to a non-custodial wallet rather than leaving them on the exchange.

4. Make Your LINK Purchase

After you’ve funded your trading account, you’re ready to buy Chainlink. Select a limit or market order and enter the USDT amount you want to invest.

After you place your order, MEXC will send your tokens to a custodial crypto wallet on the exchange. In a later section, we’ll discuss non-custodial wallets that allow you to withdraw your tokens from the exchange for safety.

Visit MEXC

What Is Chainlink?

Chainlink is a decentralized data provider that provides off-chain data to smart contracts using a network of trusted oracles. The Chainlink token (LINK) acts as a currency within the network. Decentralized applications that need data from Chainlink oracles generally pay for data using LINK tokens.

While several competing protocols offer similar or specialized data to decentralized applications (dApps), Chainlink is the leading decentralized oracle network. The project is also exploring solutions for cross-chain interoperability and strategies to tokenize real-world assets.

Few projects aim to change the crypto world and bridge the gap between traditional finance and blockchain like Chainlink.

History of Chainlink

Chainlink was founded in 2017 by Sergey Nazarov and Steve Ellis. The project set out to solve a critical problem in the blockchain ecosystem: how to reliably bring data from off-chain sources to smart contracts.

Generally, blockchains are only aware of events that occur on their specific chain. This isolation is essential for security, but it also creates limitations for smart contracts that may need outside data. For example, an oracle can provide the current price of gold, the weather in Toledo, Ohio, or stats for EPL teams. Chainlink and similar projects give smart contracts superpowers, allowing developers to build dApps in nearly any category.

The Chainlink team’s Initial Coin Offering (ICO) in September 2017 raised $32 million. The team used these funds to develop the Chainlink network and its oracle infrastructure. Chainlink’s mainnet launched in 2019.

Although Chainlink wasn’t the first project to identify the need for external data for blockchain applications